That means own goal.

The great German own goal – In economics, as in football, they’ve lost their edge.

Can it be a coincidence? For three World Cups in a row, Germany has failed to make it to the last 16. For the 16 previous tournaments — from 1954 until 2014 — it never failed to reach the quarter finals. You can be unlucky once, or even twice, but three times? Especially when we see a similar pattern in the Euros, this failure can’t be explained away by the glorious randomness of football.

The year of the 2018 World Cup also marked a turning point for the German economy. Until then, it was considered one the most successful in the world, a reputation it had enjoyed almost without interruption since the Second World War. I spent a lot of time back then warning that Germany’s strategy was not sustainable — even if it superficially seemed to work. From 1945 to 2018, after all, Germany was Europe’s manufacturing powerhouse. The last eight years, though, have been marked by deindustrialisation, price spikes, and persistent economic disappointment…